Owner of CitiStorage site celebrating but mum on auction

The city offered to pay $100M

TRD New York /
Jul.July 22, 2016 04:31 PM

Norman Brodsky, the owner of the former CitiStorage site, is celebrating, but it’s not exactly clear why.

The public bid for his 27-acre property — long eyed by the city for its Bushwick Inlet Park — closed on Wednesday, and the owner has been celebrating on social media and cryptically taunting the city, DNAinfo reported. Brodsky won’t say how many offers he’s received for the property, nor where they fall price-wise, telling the website that he won’t disclose that information until a contract is signed. The night before the auction ended, he tweeted photos of himself and others in front of several bottles of whiskey, toasting “tomorrow’s results.”

Brodsky had refused a $100 million offer from the city for the property, holding out for a higher bidder.
City officials argued that he may have a hard time fetching a higher price, since the site is zoned for manufacturing construction. In 2005, the city announced plans to build a 28-acre park on the Bushwick Inlet. It acquired a 4.75-acre site in 2014 for $4.6 million and another 11 acres through eminent domain in 2007. In March, the city purchased a seven-acre site at 1 North 12th Street from Bayside Fuel Oil Depot for $53 million, but its attempts to expand to the CitiStorage site have been rebuffed due to the site’s price. [DNAinfo]Kathryn Brenzel

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Compass doesn’t want a jury trial in the Avi Dorfman case

Another WeWork exec is out, Bank OZK’s construction lending is up: Daily digest

Co-living trend of renting bedrooms is back and here to stay: TRD Miami Showcase & Forum

SoftBank rescue plan would bring WeWork’s valuation to $8B

Bank OZK reports uptick in construction lending in Q3